Mission-related and Program-related Investments.

Mission Related Investments (MRI) are any investment activity that furthers the investor's organizational mission.

Program Related Investments (PRI) are a type of mission or social investment that institutions make in order to achieve their philanthropic goals. They can be included in an institution’s five percent payout requirement.

Non-Participation - Our community may not be aware that we make MRIs/PRIs, or that we don’t share information about our MRI/PRI decisions or the processes.

Next Steps +

  • Assess what kind of non-participation your organization engages in:

    • Exclusionary Non-Participation

      • Make decisions about MRI/PRI recipients internally.

      • Have closed MRI/PRI solicitation channels such as through traditional financial advisors.

    • Harm Reduction

      • Shift decision-making power on MRI/PRIs to staff and away from the board.

      • Audit your application processes.

      • Audit your due diligence process and selection criteria.

  • Shift from exclusionary to harm reduction or subsequent participatory strategies.

Inform - We publicly share information about our MRI/PRIs—sourcing, underwriting criteria, investment terms, etc—after we have made decisions.

Next Steps +

  • Hold webinars on MRI/PRI opportunities at your institution.

  • Create educational materials about the use of MRI/PRI funding and how community initiatives may benefit from soliciting this type of money.

  • Publically share MRI/PRI recipients.

  • Share who holds decision-making power over MRI/PRI decisions.

  • Disclose MRI/PRI funding criteria and assessment rubric publically.

  • Provide education for potential recipients to learn about the diversity of finance options.

Consult - We gather feedback from our community to support our hypotheses about our endowment.

Next Steps +

  • Interview community-rooted intermediaries to better understand on-the-ground investment needs.

  • Ask community members to provide feedback on the application process.

  • Utilize an equity consultant to review your application processes.

  • Collect examples of creative investment terms that your community has seen or would like to see experimented with and decide if you can test any of them out.

Involve - We involve our community members to help shape and inform our MRI/PRI decisions—like sourcing, investment terms, etc.

Next Steps +

  • Ask community partners, grantees, or community-rooted intermediaries to refer potential MRI/PRI opportunities.

  • Hold a workshop to crowdsource questions for your MRI/PRI applications to make them more accessible and more equitable.

Collaborate - Community members play an active role in shaping our MRI/PRI decisions—through meaningful processes they own, membership on advisory boards, or other formal power-holding structures.

Next Steps +

  • Provide an ongoing process and structure for community members to give feedback and input on MRI/PRI applications, due diligence, and reporting processes.

  • Facilitate an ongoing conversation with borrowers to refine loan/capital terms and impact metrics.

  • Provide accessible structures for cross-borrower communication and collaboration.

  • Develop a community advisory board for MRI/PRI opportunities that makes recommendations but does not have voting power.

Share Power - We have numerous opportunities for community members to meaningfully engage with and make decisions on our MRI/PRI allocations and those with power are representative of the communities we serve.

Next Steps +

  • Community has a total, majority, and/or veto vote on how MRI/PRI capital is allocated.

  • Bring the community to negotiate. Help support in the negotiation of the amount and terms of investment, and the option for the borrower to walk away.

  • Contribute to a shared loan pool that is democratically governed.